Crypto Markets Today: BTC Price Nears June Low as $1.4B in Liquidations Rock Altcoins

The crypto market experienced a significant sell-off, with Bitcoin approaching its lowest levels since June as liquidity issues stemming from roughly $1.4 billion in liquidations across major exchanges compounded market pressure. Bitcoin reached the multi-month low of $103,000, while Ether dropped to $3,480. This downturn is attributed to the strengthening U.S. dollar amidst expectations of slower Federal Reserve rate cuts, with the DXY index hitting 100 for the first time since July. The situation has led to increased volatility, with the Bitcoin Volatility Index (BVIV) rising as traders react to market conditions. In the altcoin sector, several cryptocurrencies, including Aster, Solana, and BNB, suffered steep declines; however, privacy coins like Monero and Zcash managed to outperform. Historical trends suggest ongoing bearish sentiment as traders remain cautious amid potential further declines in prices and positions.

Source 🔗